Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US stocks were mixed on Wednesday. Wall Street fluctuated as it struggled to rebound from a weak start to September; the S&P 500 dipped 0.16%, and the Nasdaq fell 0.3%, while the Dow made a slim 38-point gain or 0.09%.

• 📈 | One Notable Gainer: GitLab shares surged 22% after reporting strong results and raising its guidance, driven by growing demand for AI products.

• 📉 | One Notable Decliner: Dollar Tree shares dropped 22% after the retailer lowered its full-year outlook, attributing the decline to rising pressures on middle- and higher-income customers.

• ✈️ | Tomorrow's Trade: Aerospace Headwinds and Tailwinds. Scroll down for more.

Plus, this free report highlights our partner’s thoughts on the six best stocks to buy ahead of the 2024 election.

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MARKET MOVERS

Zscaler, Asana, Dick’s Sporting Goods

ZS (-19%) Cybersecurity firm Zscaler's shares fall on dour annual forecasts (Reuters)

ASAN (-5%) Asana, Inc. (ASAN) Reports Q2 Loss, Tops Revenue Estimates (Zachs)

DKS (-5%) Dick’s Sporting Goods blows past earnings estimates but issues cautious guidance ahead of 2024 election (CNBC)

HRL (-6%) Hormel Stock Slides as Lower Turkey Prices Hit Sales, Outlook (WSJ)

ASML (-4%) Long-Time Bull Bails on ASML, Warning AI Potential Overhyped (Bloomberg)

TOGETHER WITH UPTREND ALERTS

Free Report: Six of the Best Stocks to Buy Ahead of the 2024 Election

We already know Trump has vowed to "drill, baby, drill," which would be beneficial for domestic oil companies. Cryptocurrencies could also do well, especially with Trump's pro-crypto running mate, Senator J.D. Vance. Plus, Trump is also bullish on cryptocurrencies, referring to himself as pro-crypto.

If you believe Vice President Kamala Harris will win the election, you may want to invest in all things green. That includes green energy and cannabis.

Report Here

OVERHEARD ON THE STREET

Forbes: Nordstrom brothers Erik and Peter submitted a bid to take the multibillion-dollar department store chain private for $23 a share.

WSJ: Lyft is cutting 1% of its workforce, incurring $34M-$46M in charges, to eliminate dockless bikes and scooters and focus on core operations.

Bloomberg: Intel's financial struggles threaten the Biden-Harris administration's ambitious effort to revive US chipmaking.

Reuters: U.S. Steel warned blocking its merger with Nippon Steel could cost thousands of jobs, close mills, and move its headquarters from Pennsylvania.

Bloomberg: Uber is raising $4 billion through a three-part bond sale, with Bloomberg Intelligence expecting huge investor demand.

TOMORROW’S TRADE IDEA, TODAY

This Stock Could Get a ‘Boeing Bump’

Bad Year for Boeing

Boeing (BA) has had a very bad year. Following several fatal crashes involving its 737 MAX jet in the 2020s, scrutiny of the aircraft manufacturer reached a boiling point in January, when a door plug blew out on an Alaska Airlines flight.

Subsequently, regulators have tamped down on Boeing’s production process over quality concerns, leading to delivery delays for the airlines it supplies. This has created substantial turbulence for Boeing’s bottom line.

But one aerospace company’s headwinds may be tailwinds to another.

Dominating the Skies

According to Artisan Partner’s Chris Smith, GE Aerospace (GE) has effectively created a monopoly for its new leap engine, thanks to Boeing’s struggles. 

Demand for GE’s products has skyrocketed amid Boeing’s struggles. And it could continue to soar higher, the analyst believes, thanks to growing investment in U.S. manufacturing, which has been heavily outsourced for the last several decades.

Smith believes that the engine will be featured on nearly all new narrow-body planes, which could be around 80% of the total planes in the air over the next decade. For that reason, Smith now views the company as a “premier” industrial stock. 

Stock Gains

GE Aerospace’s stock is already up a whopping 64% YTD, and 82% over the past 12 months.

However, analysts have given it an average price target of roughly $196, more than a 12% upside from Friday’s close. The 17 analysts covering the stock give it an average rating of Buy. 

As Boeing continues to stumble, GE looks ready to capitalize on the opportunity. Despite its massive gains, analysts think this jet engine manufacturer still has plenty of room to fly.

TOGETHER WITH UPTREND ALERTS

Free Report: Six of the Best Stocks to Buy Ahead of the 2024 Election

We already know Trump has vowed to "drill, baby, drill," which would be beneficial for domestic oil companies. Cryptocurrencies could also do well, especially with Trump's pro-crypto running mate, Senator J.D. Vance. Plus, Trump is also bullish on cryptocurrencies, referring to himself as pro-crypto.

If you believe Vice President Kamala Harris will win the election, you may want to invest in all things green. That includes green energy and cannabis.

Report Here

ON OUR RADAR

CNN: Starting September 10, McDonald's will replace the plastic lid of the McFlurry with a new cardboard cup featuring four flaps.

Reuters: Six credit rating agencies will pay over $49 million in penalties to settle SEC charges for violating recordkeeping rules.

Axios: Krispy Kreme marks Barbie’s 65th with a limited-time doughnut collection, following their Dolly Parton line from May.

CNBC: Volvo Cars now aims for 90-100% electric or plug-in hybrids by 2030, dropping its 2021 all-electric goal and allowing up to 10% mild hybrids.

CNN: Costco’s membership fee increase has officially gone into effect, going up by $5 to $65 and by $10 to $130 for Executive Membership.

FRIDAY’S POLL RESULTS

Are you bullish or bearish on Bright Horizons Family Solutions (BFAM) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨⬜️⬜️⬜️ 🐻 Bearish